Expert Josip Heit Shares His Thoughts On Why Bitcoin Is Seen As Digital Gold

0

Until now, the world has heavily relied on traditional banknotes as a medium of exchange, however, blockchain technology seems to be on the verge of changing this. And Josip Heit was one of the first people who realized the potential of blockchain. On January 9, 2009, an enigmatic internet persona hiding behind the pseudonym Satoshi Nakamoto proposed a concept that would forever change the financial world.

While it is not clear whether Nakamoto is a single person or a group of people, this birthed the age of Bitcoin and other cryptocurrencies.

Josip Heit’s thoughts on why Bitcoin is digital gold

In 2017, when the price of Bitcoin reached parity with the price of gold, it attracted big players across various industries. This period also ushered in mainstream adoption and sparked the interest of various players across the financial market. Many referred to Bitcoin as digital gold, a new store of value.

Josip Heit, who is a renowned Bitcoin evangelist, serial entrepreneur, and businessman, believes that since, just like gold, Bitcoin has a limited inflationary economy that is capped, is a scarce commodity, and has even outperformed gold in value, it’s safe to refer to it as digital gold.

“There are only 21 million Bitcoin in existence, the world population is over 8 billion and steadily rising, if each person was to have a bit of it, we will end up with just a little fraction of one Bitcoin. This is testament to the fact that Bitcoin will be worth a fortune in the near future, it’s just like the gold rush, we are in such an era,” said Josip Heit when asked about his thoughts on the future of Bitcoin.

Heit is well known for sharing his thoughts around the blockchain and gold sector. Before he got involved with blockchain technology, Josip Heit spent many years building companies that trade raw materials and precious metals and gathering valuable experience that enabled him to take over the blockchain sector by storm. He can definitely be regarded as an authority in these areas.

Josip Heit has pioneered many startups in the past and he currently is, among other things, the CEO and Chairman of the Board at “Gold Standard Banking Corporate AG” as well as Chairman of the Board at “GSB Gold Standard Banking Corporation AG.” As Chairman of the Board at GSB Gold Standard Banking Corporation AG, Heit led a team that founded the Impulse K1, the world’s first blockchain smartphone, which deploys the Voice Over Blockchain Protocol (VoBP) and a wide range of other blockchain-related features.

Why Bitcoin’s future is shinier than gold

In 2018, the bear market raised some eyebrows and a lot of opinions questioning the stability of Bitcoin arose, however, Josip Heit, the Chairman of the Board of GSB Gold Standard Banking Corporation AG, still thinks otherwise; According to Heit, Bitcoin has undoubtedly outperformed any traditional asset that has ever existed in human history.

For example, the USD has lost over 96 percent of its value since it was taken over by the federal reserve, while Bitcoin is growing stronger with a lot of prospects for the future. Bitcoin is leading a decentralized economy that leaves monetary control in the hands of the people, it’s normal for institutions that are looking to have control over it to throw unfavorable banter at it.

Gold has always been seen as a safe haven during periods of war or conflict, the value of gold always experiences a price surge in times like these. While further revealing the close similarity between the adoption curve of gold and that of Bitcoin, Heit talked about the recent security issues erupting between Iran and the United States that led to the killing of the Iranian top general Qasem Soleimani.

During this period, Bitcoin saw a price spike after news of tensions between Iran and the United States circulated showed up all over the Internet. Just like gold. This is a testament to the fact that Bitcoin, just like gold, is being regarded as a wartime safe haven. The global economic crisis could be averted by embracing this digital gold called Bitcoin.

There are a lot of drawbacks and difficulties associated with owning and trading physical gold or other precious metals due to the amount of paperwork that is required and the involvement of clearinghouses. Bitcoin represents a digital form of gold, a better version of it. Anyone can easily and seamlessly own, store, and spend it. We are already in the mainstream adoption phase.

Get the 5 most predictable currency pairs

About Author